The rig count in the Permian Basin was down one this week, the latest count Friday by Baker Hughes shows, with 293 rigs active in the region. A year ago, 175 rigs were active in the region.
Nationally, the oil and gas rig count is unchanged from last week at 586 rigs. A year ago, 351 rigs were active. The count shows that 480 rigs sought oil, unchanged from the previous week, and 106 explored for natural gas, unchanged from the previous week.
The U.S. rig count peaked at 4,530 in 1981. It bottomed out in August of 2020 at 244.
The regional benchmark Plains-West Texas Intermediate Posting ended Thursday at $71.69 per barrel, up $1.42 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $75.21 per barrel, up $1.42 from the previous week.
